So far, we have looked at the characteristics of successful entrepreneurs and started to understand the nature of running a small business.
Now we need to step back a bit and consider the groundwork that needs to be done before opening a business.
My business idea
Think about a business idea for a start-up business and publish this on your learning journal blog. Attempt to answer 10 or more of the “20 questions” below.
These 20 questions from US Small Business administration are designed to get you thinking about key business decisions.
- How many of these questions can you already answer? Write the answers to as many questions as you can in your Learning Journal Blog. If you need to do some research or take time to think about the answer that’s OK. These questions can take some time to answer, but they provide important groundwork for your business. You may want to return to this activity once you have completed this Learning Pathway and see if you can answer more of the questions.
- There are benefits to sharing and getting feedback, but we don’t want you to share a competitive business idea unless you want to.
- Remember to tag or label your post using the course code: BMAN111
- Look at the posts of others that appear in the course feed, go to their blog and make comments on those you found informative. Maybe someone has some insights you may find useful?
- Feel free to consult other learners in this “Ask a Friend” discussion forum.
- As a community course we encourage you to contribute answers for your peers as well.
- Why am I starting a business?
- What kind of business do I want?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the time and money needed to get my business started?
- What differentiates my business idea and the products or services I will provide from others in the market?
- Where will my business be located?
- How many employees will I need?
- What types of suppliers do I need?
- How much money do I need to get started?
- Will I need to get a loan?
- How long will it take before my products or services are available?
- How long do I have until I start making a profit?
- Who is my competition?
- How will I price my product compared to my competition?
- How will I set up the legal structure of my business?
- What taxes do I need to pay?
- What kind of insurance do I need?
- How will I manage my business?
- How will I advertise my business?